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The everyday usage of the word unemployed is usually broad enough to include disguised unemployment, and may include people with no intention of finding a job. For example, a dictionary definition is: "not engaged in a gainful occupation", [7] which is broader than the economic definition.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...
In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: [1] Allocative or Pareto efficiency : any changes made to assist one person would harm another.
Part-time jobs and jobs in the informal sector do earn less than full-time jobs, so men have to increase their paid work hours in order to compensate for the lacking family income. This will "weaken her earning power and strengthen his", leading to an unequal distribution of power in the household , and allow the man to exploit the woman's ...
In both these cases, learning-by-doing and increasing returns provide an engine for long run growth. Recently, it has become a popular explaining concept in the evolutionary economics and resource-based view (RBV) of the firm. [citation needed] The Toyota Production System is known for Kaizen, that is explicitly built upon learning-by-doing ...
Another factor is the tendency of people to overlook the secondary consequences of a policy, focusing only on the immediate effects on a specific group. [3] The difference between good and bad economics lies in the ability to look beyond the immediate effects and consider the longer-term and indirect consequences for all groups.
In other words, there are moral and economic reasons that justify a blanket ban on labour from children aged 18 years or less, everywhere in the world. [29] [30] [31] On the other hand, some scholars like Christiaan Grootaert and Kameel Ahmady believe that child labour is the symptom of poverty. If laws ban most lawful work that enables the ...